Taxes help?

BaileyCatts

BaileyCatts

Well-Known Member
Messages
9,608
Since this seems to be the only place I can find live humans these days, maybe someone can tell me if I even need this? :D

Nope, ain't done nothing with my taxes yet. Yes, I am stupid and can't do them myself. :(

I have a 401K & Profit Sharing account with a former company. I don't contribute any money to it anymore, the account just sits there for my retirement in its investments and collects interest or whatever from the investment. Aren't I supposed to get some kind of tax form that has to be filed with my taxes for that? I have scoured the website for days clicking every possible link there is and there is nothing saying "here's your tax form". No one answers the 1-800 line, no one has responded to the multiple 'contact us' messages I have sent them. I looked at my last year taxes and I do have a form, but that was because I moved a big chunk of money out of that account into another retirement account I have with Morgan Stanley, and that form was for the exact amount I moved out, and nothing more.

Am I supposed to have some kind of tax form that has to be filed for a 401K & Profit Sharing account if I do not contribute any money to it, it just collects on the investments? Because if I am, I sure can't find anything on the website and they never sent me anything, and I can't get answers to any calls for help from them.

Anyone know?
 
I can't answer your question, but take a look at this:

Payment Deadline Extended to July 15, 2020 | Internal Revenue Service

March 21, 2020 - The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.
www.irs.gov www.irs.gov

I would encourage you to try e-mailing some tax accountants in your area rather than relying on the advice of anonymous posters here on FSU.
 
MacMadame said:
The interest from your 401k doesn't get declared on your taxes. You pay taxes on the money when you withdraw it when you retire.
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Thanks. So I don't even need a form for this account for my taxes until I start taking money out of it? I'm gonna write a great big note and stick it on my fridge so I remember this next year .... and the next 15 years since I won't be taking money out of it til I'm like 70 (hopefully!).
 
MacMadame said:
Yep. When you retire and start withdrawing, the withdrawals are income that you have to pay taxes on just like any other income.
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Or if you have to take money out to pay for a new furnace......at least the furnace waited to die till I was over 59-1/2 so I didn't have to pay a penalty. Funny (not) that "income" was gone in September, before I got the 1099 in January.
 
Oh in that case, not only do you have to declare it as income but you have to play a penalty! :(
 
401(k) plans do not have to issue tax forms unless a withdrawal (including amounts rolled over to another plan) occurs or you will become subject to a required minimum distribution the next year. But for 2020, no required minimum distributions need to occur (thanks CARES Act) so if you did get a form saying to need to take one, it is no longer pertinent.
 
Rogue said:
But for 2020, no required minimum distributions need to occur (thanks CARES Act) so if you did get a form saying to need to take one, it is no longer pertinent.
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Isn't that age dependent? I remember reading if you had already reached age 70 1/2 it did not apply, but maybe I am mistaken.

Speaking of taxes, I see that the date for the first quarter estimated tax payment for 2020 was moved to July 15 from April 15. But the date for the second quarter estimated tax payment does not seem to have been moved --it's still June 15. I am hoping it moves, because I'm converting some IRA funds to Roth IRA, and will have to pay estimated taxes on it.
 
If I remember correctly you are not required to take RMDs at all for the year 2020. Wonder why.
 
There were a couple of changes to RMDs this past year. First, the SECURE Act moved the age from 70 1/2 to 72 for anyone not yet 70 1/2 by the end of 2019. Then the CARES Act removed the necessity to take any RMD in 2020 at all. This is basically because RMDs are based on the value of the account at 12/31 of the prior year, and we all know what happened to the stock market after 12/31/19. So it isn't fair to make people take a distribution based on 12/31/19 values since that would deplete the retirement account more quickly than over the recipient's lifetime.
 
sk8pics said:
Speaking of taxes, I see that the date for the first quarter estimated tax payment for 2020 was moved to July 15 from April 15. But the date for the second quarter estimated tax payment does not seem to have been moved --it's still June 15. I am hoping it moves, because I'm converting some IRA funds to Roth IRA, and will have to pay estimated taxes on it.
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Correct - the IRS hasn't changed the due date of the 2nd quarter payment from June 15 to July 15 at this time (although who knows about the future). However, an easy way to delay the 2nd quarter payment is to file your 2019 extension on July 15, bumping up the expected 2019 tax due by your 1st and 2nd quarter 2020 ES payments. Then, when you file your 2019 return, apply the refund to 2020. Any refund applied to 2020 ES payments is treated as a 1st quarter payment.
 
Rogue said:
Correct - the IRS hasn't changed the due date of the 2nd quarter payment from June 15 to July 15 at this time (although who knows about the future). However, an easy way to delay the 2nd quarter payment is to file your 2019 extension on July 15, bumping up the expected 2019 tax due by your 1st and 2nd quarter 2020 ES payments. Then, when you file your 2019 return, apply the refund to 2020. Any refund applied to 2020 ES payments is treated as a 1st quarter payment.
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Um, no. That will not help me at all, because of my particular situation.
 
Holy crap I forgot all about taxes. :wideeyes: I dropped my taxes off at accountants on April 1 and they haven't called me to come sign or pick up or anything. Probably because the deadline is now July 15? Now I can't call them til Monday. This is gonna stress me all weekend. I hope they didn't lose them or left a message at the wrong number or something like that. :(
 
BaileyCatts said:
Holy crap I forgot all about taxes. :wideeyes: I dropped my taxes off at accountants on April 1 and they haven't called me to come sign or pick up or anything. Probably because the deadline is now July 15? Now I can't call them til Monday. This is gonna stress me all weekend. I hope they didn't lose them or left a message at the wrong number or something like that. :(
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I would definitely assume it is because the deadline isn't until July 15. At this point, they are probably going through their clients' 2018 returns to see who needs to file amended returns or net operating loss carrybacks so they can get tax refunds for their clients who need funds now (and make sure they have correct carryforward information into 2019). 2019 returns will take a backseat while they do this. But I'm sure they will get your return to you in plenty of time to file by July 15.
 
Went and picked up my taxes yesterday (yeah, it was cause the deadline moved) and once again I have to pay on both. I just don't understand how come my dad did my taxes for me for like 20 years and I never had to pay, I always got a refund. But ever since I had to start having an accountant do them I always gotta pay. Or perhaps I don't want to know the answer to that question! ? Plausible deniability 'n all. :rofl: :rofl:
 
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If you are always paying, maybe you need to adjust your withholding. What does the accountant say about that?
 
The most financially astute thing to do is to prepay just enough to avoid underpayment penalties (so a little over 90%) and pay remainder with your return. If you are getting a refund, that means the government had an interest-free loan from you for a few months.
 
BaileyCatts said:
Went and picked up my taxes yesterday (yeah, it was cause the deadline moved) and once again I have to pay on both. I just don't understand how come my dad did my taxes for me for like 20 years and I never had to pay, I always got a refund. But ever since I had to start having an accountant do them I always gotta pay. Or perhaps I don't want to know the answer to that question! ? Plausible deniability 'n all. :rofl: :rofl:
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Revenue Canada is very astute in terms of reviewing returns and revising monies owed or owing. I would hope the IRA is the same.
 
Wow. Really? #1, my dad has been dead for 10 years so yeah, I really don't give a crap about the taxes he did for me in the 90's-00's. #2, I make in the low 5-figures. I seriously doubt you can manipulate my 5-figure salary to hide all my 'hidden millions' ...... or that my D-A-D would do something like that. #3, clearly that was a joke. Hence the ? and :rofl:. Seriously? Very astute in terms of reviewing returns and revising monies owed? Yeah .... I'm sittin' over here making in the low 5-figures just quaking in my boots praying the IRS doesn't find all my 'untaxed hidden millions' I have stashed in offshore oil accounts and Swiss Banks. Come at me bro! I'm waitin'! Geez.
 
Have I asked this before - is there any way to electronically file my taxes without having to go through all the preparation software things? I typed mine up on the pdf file in about 10 minutes. But if you use any of the free filing programs, you have to go through all the questions that are not relevant. If not, I guess I will just send it to my own email, sign in to a library computer, send it to their printer, sign into their printer go across the room and put dimes in....and then mail it.
 
Susan1 said:
Have I asked this before - is there any way to electronically file my taxes without having to go through all the preparation software things? I typed mine up on the pdf file in about 10 minutes. But if you use any of the free filing programs, you have to go through all the questions that are not relevant. If not, I guess I will just send it to my own email, sign in to a library computer, send it to their printer, sign into their printer go across the room and put dimes in....and then mail it.
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You may have already investigated these options and think of them as "preparation software":

For Federal filing:

Free File Fillable Forms | Internal Revenue Service

A few "must knows" for taxpayers to learn before starting the Free File Fillable Forms program.
www.irs.gov www.irs.gov

For Ohio filing:

File Ohio State Taxes With Your IRS Return Online Together

How To Prepare And e-File Your Ohio Income Tax Return On eFile.com. Find Due Dates, OH Mailing Address, and OH Payment Options.
www.efile.com www.efile.com
 
VALuvsMKwan said:
You may have already investigated these options and think of them as "preparation software":

For Federal filing:

Free File Fillable Forms | Internal Revenue Service

A few "must knows" for taxpayers to learn before starting the Free File Fillable Forms program.
www.irs.gov www.irs.gov

For Ohio filing:

File Ohio State Taxes With Your IRS Return Online Together

How To Prepare And e-File Your Ohio Income Tax Return On eFile.com. Find Due Dates, OH Mailing Address, and OH Payment Options.
www.efile.com www.efile.com
Click to expand...
Thanks. I will check out that first one. I don't know what I tried to use last year, but it was ~ "did your income come from a farm", scroll down, "did anyone in your household's income come from a farm", "did you sell real estate", "did anyone in your household sell real estate", and on and on. I couldn't read all the little print over and over and over. Sheesh. And it asked for the address and Payee number (or whatever) of the bank for interest income. I never had to attach the 1099 when I mailed the form. It's not like it throws me into another tax bracket.

And I did do the Ohio e-file one last year. At least it stopped asking me questions after Ohio taxable income and just filled in the rest itself and said to "stop here". You (well, I) can't save the online Ohio fillable one after I do it because the Adobe thing wouldn't load right. I remember back in the day doing the Ohio one over the phone. Hey, how'd you know it was Ohio???
 
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Susan1 said:
Thanks. I will check out that first one. I don't know what I tried to use last year, but it was ~ "did your income come from a farm", scroll down, "did anyone in your household's income come from a farm", "did you sell real estate", "did anyone in your household sell real estate", and on and on. I couldn't read all the little print over and over and over. Sheesh. And it asked for the address and Payee number (or whatever) of the bank for interest income. I never had to attach the 1099 when I mailed the form. It's not like it throws me into another tax bracket.

And I did do the Ohio e-file one last year. At least it stopped asking me questions after Ohio taxable income and just filled in the rest itself and said to "stop here". You (well, I) can't save the online Ohio fillable one after I do it because the Adobe thing wouldn't load right. I remember back in the day doing the Ohio one over the phone. Hey, how'd you know it was Ohio???
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You have posted extensively about the Ohio-based crud-related press conferences. Being a recovering accountant, I just put 2 and 2 together.
 
I am having not so fun because I recently decided to invest in crypto currency. And so figuring out taxes for it. lol. Most of it I am holding though.
 
VALuvsMKwan said:
You have posted extensively about the Ohio-based crud-related press conferences. Being a recovering accountant, I just put 2 and 2 together.
Click to expand...
You are good. I couldn't tell you what state anyone on here was from unless they mentioned it in the post I was reading right then. It's sad that I am associated with that subject though. I remember 2 years ago, when my computer died, and people were on here asking where I was because I hadn't had any DeWine updates for a couple days. I have made a note in my instructions that when I die someone is supposed to post it here, just so you'll all know.
 
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